(((David Gaffen))) ๐Ÿ‡บ๐Ÿ‡ธ

Energy editor, Reuters U.S., all things oil and gas; former writer of WSJ's MarketBeat Blog, author of Never Buy Another Stock Again.

New York
Joined on June 21, 2010
@davidgaffen Statistics

We looked inside some of the tweets by @davidgaffen and found useful information for you.

Inside 100 Tweets

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Fun Fact

During the "Castle in the Sky" TV screening there were 25,088 tweets per second, the most ever.

What's worse than having coronavirus? Having while on a platform floating 200 miles from shore. First cases have been reported in the U.S. Gulf of Mexico. with @davidgaffen via @Reuters #COVID19

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NEW: A Trump official called Thailand last week asking for PPE to be sent to the U.S. only to be told by Thai officials weโ€™d just sent them the same supplies. The episode prompted a review process thatโ€™s now holding up aid in some cases

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How do I know? Because of that drop in demand. Products supplied was off by 1.5 mln bpd - but the real number was the fall in finished gasoline supplied, which fell to 6.7 mln bpd - a drop of more than 2.1 mln bpd. 

That's the most ever for a week. #OOTT

How do I know? Because of that drop in demand. Products supplied was off by 1.5 mln bpd - but the real number was the fall in finished gasoline supplied, which fell to 6.7 mln bpd - a drop of more than 2.1 mln bpd. That's the most ever for a week. #OOTT

Refining utilization fell sharply - by 5% pts overall, tho the overall is still at a level you'd expect is going lower - which is to say, we're at 82%, and many operations are at a cool 60-65% and there are more shutdowns expected. #OOTT

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So the takeaways: * Big crude build. As expected. 13+ mln bbls. * Big gasoline build. Also expected. 7+ mln bbls. #OOTT

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Two minutes to EIA, people. Look sharp.

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Quoted @ErnestScheyder

Whiting Petroleum, once the largest oil producer in North Dakotaโ€™s Bakken shale, files for bankruptcy https://reut.rs/3bLhXf9ย 

But it's also notable because, as @ErnestScheyder notes, they were the biggest producer in North Dakota's Bakken region.

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We've also got our first major bankruptcy, too - Whiting Petroleum is entering a pre-packaged bankruptcy here, and that's not a surprise, they'd been long rumored to be one of those we would expect to see. #OOTT

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As for where we're headed, BofA points out that we've got roughly 900 mln bbls of storage available worldwide. "Oil tankers will act as storage of last resort. However, storage is already becoming expensive as tanker rates skyrocket and oil enters a steep contango." #OOTT

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EIA moment of Zen in 90 min, folks. Our poll has it as such: CRUDE: +4 mln bbls DISTY: +1 mln bbls GASOLINE: +1.9 mln bbls #OOTT

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And the reality of *that* is because this virus is no joke, itโ€™s killed many people and at a much higher rate than the seasonal flu. So its effects โ€“ the economic, societal and health effects โ€“ are going to be long-lasting. #OOTT Stay safe, people.

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So thereโ€™s that. And the reality of that comes from the reality that fuel demand is collapsing because people are getting the hint and staying home.

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โ€œItโ€™s almost like we are on a different planet than we were a month ago,โ€ said Daniel Yergin, the vice chairman of IHS Markit, who sometimes advises U.S. officials on energy. โ€œItโ€™s forcing everybody to rethink whatโ€™s possible, whatโ€™s not possible.โ€ #OOTT #OPEC

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It's not wrong to say, though, that there are a lot of conversations happening now that nobody expected โ€“ Texas considers cutting production, a US-Saudi alliance, US-Russia talks about the oil market, the Saudis pumping full-tilt. Itโ€™s a bit nuts.

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Fortune favors the prepared, is all I'm going to say here, and you can see that when you watch leadership that seems to be constantly be getting caught flat-footed on everything.

Fortune favors the prepared, is all I'm going to say here, and you can see that when you watch leadership that seems to be constantly be getting caught flat-footed on everything.

Or maybe I'll get into it just a little: โ€œThere is so much oil and in some cases itโ€™s probably less valuable than water. At some points of the world the water is much more valuable. So, weโ€™ve never seen anything like it,โ€ Trump said. (We have seen things like this...)

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Speaking of all that, Russia and the US *are* talking, but I won't get into how the president is bleating about how cheap oil has gotten all of a sudden, just mention it.

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@TimoGard is on fire this week, reporting on how the potential US-Saudi oil alliance right now has been back-burnered (One could argue it de facto exists anyway)โ€ฆ

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Basically they're saying storage is going to be filled by May -- and that leaves producers with a stark choice: shut in production or find no buyers. https://www.reuters.com/article/global-oil-texas-opec/oil-pipeline-producer-standoff-prompts-new-call-for-texas-shale-curbs-idUSL1N2BH2GMย โ€ฆ #OOTT

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Per our @RaniaElGamal10 the Saudis are now producing more than 12 mln bpd - which is what they were promising (oy). #OOTT So that's more barrels on the way. Which is why the likes of the pipeline companies are saying they don't want anything from producers.

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